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Mid-Day Gold & Silver Market Report – 5/21/2013

DOLLAR PUSHES GOLD DOWN; GERMANY SET FOR Q2 RECOVERY

Precious Metals fell this morning as the dollar strengthened before the Federal Open Market Committee meeting, where interest rates and possible further quantitative easing will be discussed.  “Gold is focused on movement of [the] U.S. dollar, fundamentally, and the [U.S. Federal Reserve],” Global Hunter Securities managing director Jeffrey Wright said. “The Fed’s timetable on [quantitative easing] is influencing the U.S. dollar.”  Federal Reserve Chairman Ben Bernanke will appear before the Joint Economic Committee Wednesday to provide a highly anticipated forecast for the U.S. economy. 

Germany is headed toward a healthy economic recovery for the second quarter, according to today’s report from the Bundesbank, Germany’s central bank.  “The noticeable increase in industrial orders after a weak start to the year gives hope that with exports and equipment investments, demand factors - on whose stimulus the German economy can generally rely the most - will recover,” the report said.  However, the Bundesbank also expressed concern with economic risks as Germany is the eurozone’s largest economy and will likely be affected by surrounding debt ridden nations. 

At 1:09 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,379.60, Down $7.60.
  • Silver, $22.52, Down $0.17.
  • Platinum, $1,460.90, Down $25.20.
  • Palladium, $750.30, Down $2.50.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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